Americas

MUFG has started a round of redundancies in its securities business, with several jobs in London and New York said to be at risk. GIobalCapital understands that not all those who will be put at risk of redundancy have yet been notified but fewer than 35 staff will be affected.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.

Canada’s office of the superintendent of financial institutions (OSFI) is expected to raise limits on covered bond issuance, paving the way for additional supply from established and new names.

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Deutsche Bank unveiled another major restructuring on Thursday, rebranding itself as a European bank with global reach, and promising to cut back on local commitments in the US and Asia, as well as slashing US rates, global equities, and prime finance. The announcement came alongside results one analyst described as “a relatively poor set even by Deutsche Bank standards”.

Three Latin American high yield companies issued on Wednesday, with the only investment grade company from the region to have completed a roadshow recently the notable absentee from screens after a sharp sell-off in US Treasuries.

Colombian financial holding company Gilex raised $300m of five year non-call three year bonds on Wednesday after enhancing the deal structure to appease investors.

Argentine pipeline company Transportadora de Gas del Sur (TGS) became the first Latin American company in several weeks to find itself overwhelmed with orders as six high yield corporates tapped the dollar markets in two days.

The International Swaps and Derivatives Association on Wednesday pushed for “enhanced supervisory cooperation” between clearing houses in the wake of Brexit.

RBC Capital Markets is losing two members of its US private placements team in New York, one of which is a business veteran.

Deutsche Bank is cutting 400 staff from its corporate and investment bank across the Americas as part of a cost-cutting drive that has accelerated under new CEO Christian Sewing.

Colombian financial holding company Gilex will look to price an inaugural international bond on Wednesday after setting guidance on Tuesday, more than a month after meeting investors.